-The Table Above Gives a Firm's Total Product Schedule

question 133

Multiple Choice

-The table above gives a firm's total product schedule. Suppose labor is the only variable factor of production. The price of labor is $500 per week and total fixed costs are $600 per week. What is the total cost of producing 70 units?

• A) $1,700
• B) $1,900
• C) $2,100
• D) $2,300

Understand the implications of the law of increasing cost and factor suitability in resource allocation.

Recognize the role of the consumer in the American economy.

Understand the concepts of efficiency and maximum possible output in an economy.

Learn about the shift of resources between types of goods to achieve economic growth.

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Definitions:

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The total distance a vehicle travels from the time the brakes are applied until it comes to a complete stop, including both reaction and braking distances.

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A signal within an electrical system that operates in a subsidiary capacity to the primary circuit, often used for controlling or monitoring purposes.

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